Indian state-run miner NMDC is currently not in negotiation for acquisition of coal and iron ore mines, in Brazil or in any other country, according to the Press Information Bureau of India.
During a speech in the Indian parliament, Dr. D Purandeswari, Indian minister of state for commerce and industry, had stated that the NMDC is examining some proposals for acquisition of coal and iron ore mines in Brazil and other countries to diversify its mining operations. The minister also recalled the measures taken by the government to ensure raw material availability for the steel industry, including the hike of the iron ore export duty to 30 percent and zero or very low customs duty for imports of critical raw materials for the steel industry such as coking coal, non-coking coal, scrap, etc.
The minister also pointed out that the steel industry in India is a deregulated sector and that business decisions, including acquisition of mines abroad, are taken by individual companies according to their needs, independently from India's Ministry of Steel.
Additionally, as stated by the minister, International Coal Ventures Limited (ICVL), a venture of five state-run Indian companies set up with the purpose of acquisition of coal assets abroad, is examining coal assets in Australia, Indonesia, Mozambique, USA and Canada, as well as Colombia, South Africa and Russia.
As SteelOrbis previously reported, NMDC is increasing its iron ore output capacity to 48 million mt in the financial year 2014-15 from the current installed capacity of 32 million mt per year. While state-run MOIL targets manganese ore production of 2.2 million mt per year by 2020 against the current level of 1,071,000 mt, RINL will ramp up its steelmaking capacity to 6.3 million mt per year from 3 million mt per year.
